Smart parking solution uses cryptocurrency payment

NetObjex, along with its partners Advantech and PNI Sensor Corporation, demonstrated the solution at the IOT Developer's Workshop in Santa Clara, California. The demonstration showcased the ability for vehicles to autonomously pay for parking through the integration of crypto wallets.

For car to parking meter communications Bluetooth Low Energy wireless communication is used, with digital short range communication (DSRC) versions planned in the future. The solution's overall architecture is based around the IOTA decentralized network by the NetObjex platform as a distributed ledger for enabling device discovery, authentication, communication, and transactions.

"The smart parking solution is a practical demonstration of the NetObjex platform in bringing together state-of-the-art capabilities in the form of IoT sensor technology, LoRa communications, decentralized networks, and cryptocurrency," says Raghu Bala, CEO of NetObjex. "Our partnership with Advantech, PNI, and IOTA augurs exciting possibilities ahead."

The solution, says the company, provides further evidence of the digital transformation in the transportation sector, and the interplay between various advanced technologies in bringing about effective change. The IOT Developer's Workshop was organized by Advantech.